Warren Buffett spending day fielding shareholder questions

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Shareholders were prepared for the changes, however, as CEO Warren Buffett warned months ago that the new rules could "produce some truly wild and capricious swings" in their portfolio.

Bitcoin is "probably rat poison squared", he said.

The shareholder meeting celebrates the successes of the conglomerate that Buffett built with Berkshire Vice Chairman Charlie Munger while offering a chance to learn from the two accomplished businessmen. Rather, the problem lies with Gates, who joined the Berkshire Hathaway board in 2004, and retired as chairman of Microsoft in 2014. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth".

Following this, Berkshire Hathaway acquired more shares and now owns a large slug of Apple stock and has 5 percent stake in the company. The company also has major investments in such companies as American Express, IBM and Wells Fargo & Co.

Billionaire Warren Buffett says he doesn't expect a full-blown trade war to develop between the United States and China because both countries benefit so much from trade. Both men now oversee about half of Berkshire's operating companies.

Bank Holiday Weekend Dry, Warm & Sunny
Between Saturday and Monday Liverpool's mainline services will be reduced, with some replaced by buses or diverted via Manchester. Met Office meteorologist Mark Wilson told Sky News: "We have a lovely weekend on the way, with high pressure dominating".

Even after the Apple investment, Berkshire's holdings of cash and equivalents was $108.6bn, the company said on Saturday. Buffett said he still spends most of his time reading about businesses, thinking and fielding the occasional phone call.

Wells Fargo had been trying to fix its reputation after admitting in 2016 that employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

"I try to stay away from a few things just totally because the inference would be drawn that we might have talked, I might have talked to somebody about something", Buffett added.

A day after multinational conglomerate Berkshire Hathaway acquired another 75 million shares of Apple, its CEO Warren Buffett said the iPhone maker should spend more cash buying its own shares.

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